Low Jumbo Mortgage Rates Available at Total Mortgage

Total Mortgage has some of the lowest jumbo mortgage rates in the county. There are a variety of jumbo mortgages available at Total Mortgage. Some of them are 30 year fixed jumbo mortgage, 15 year fixed jumbo mortgage, and 5/1 ARM jumbo mortgage rates. Jumbo mortgage loans vary from the conventional mortgage loans. As the name applies jumbo; the loan amounts are usually higher than the conforming loan limits as set by Fannie Mae and Freddie Mac. Any mortgage loan ranging from $417,000 to a maximum of $729,750 depending on the location of the property would be considered a jumbo loan.

Jumbo mortgage rates usually have higher mortgage rates compared to conventional mortgage rates because of large loan amount and the risk associated with it. Also the requirements for jumbo loan are more rigid than conventional loans. Some of the things to keep in mind  when applying for a jumbo mortgage loans are high credit score, at least 20 percent or high down payment and the monthly payment may not be higher than 38 percent of your income. Any mortgage loans higher than jumbo loans typically ranging from $1-$10 million are considered a super jumbo mortgage loans.

Currently, at Total Mortgage a 30 year fixed jumbo mortgage is being offered at a rate of 4.875% with a 5.098% APR and a 15 year fixed jumbo mortgage is being offered at 4.000% with a 4.349% APR. Other popular mortgage products available at Total Mortgage are fixed rate conventional loans, FHA loans and ARM (Adjustable Rate Mortgage) loans. A 30 year fixed mortgage rate is available at 4.125% with 4.323% APR, and a 20 year fixed mortgage is available at 4.000% with a 4.273% APR.

Mortgage rats are dipping to historic lows. Rates can go up tomorrow no one can predict.  It is a great time for many qualified borrowers to take advantage of these low jumbo rates and make it possible for them to buy their vacation home, purchase an investment property or even upgrade to a bigger house.

For more information on our mortgage products please call 877-868-2503 to speak with a licensed mortgage professional.

Mortgage rates are always changing, rates were quoted at 12:30 P.M., September 09, 2010.

* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $450 appraisal fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice.